uCloudlink (UCL) Q1 2025 Earnings Call Transcript

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DATE

Wednesday, May 21, 2025, at 8:30 a.m. EDT

CALL PARTICIPANTS

Chief Executive Officer — Chaohui Chen

Chief Financial Officer — Yimeng Shi

Head of Investor Relations — Daniel Gao

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RISKS

Yimeng Shi said that Service segment cost margins are slightly lower than in the same period last year (Q1 2025 vs. Q1 2024), attributing this to a shift in sales mix, particularly increased outbound roaming by Chinese travelers in Q1 2025, which negatively impacted overall service margins.

Gross margin on services was 57.3% in the first quarter of 2025, compared to 65% in the same period of 2024.

Total operating expenses (excluding share-based compensation) rose to $9.9 million (53% of revenue) in Q1 2025, up from $8.5 million (47%) in Q1 2024, driven by higher marketing and sales costs for new business lines.

Operating cash inflow was $0.2 million in the first quarter of 2025, compared to $1.9 million in the same period of 2024, and adjusted EBITDA was $1.4 million in the first quarter of 2025, compared to $1.7 million in the same period of 2024, both signaling reduced near-term cash generation.

TAKEAWAYS

Total Revenue: $18.6 million in total revenue for the first quarter of 2025, up 3.4% from the same period in 2024, with service revenue of $14.2 million, rising 4.9% in Q1 2025 and accounting for 75.7% of total revenue.

Gross Profit: Gross profit was $9.7 million in the first quarter of 2025, representing a decrease of 3.1% from $10 million in the same period of 2024, as overall gross margin contracted to 51.7% (down from 55.2%), and gross margin on services declined 7.7 percentage points in Q1 2025.

Geographic Mix: Japan contributed 40.4%, China 31.2%, North America 12.9%, and other regions 15.5% of revenue in Q1 2025.

Average Daily Active Terminals (DATs): Average daily active terminals (DATs) were 308,863 in the first quarter of 2025, representing a decrease of 0.3% from 309,906 in the same period of 2024, with notable 12x year-over-year growth in GlocalMe IoT DATs in Q1 2025. There was a significant year-over-year increase in the live and SIM divisions in the first quarter of 2025 compared to the same period of 2024.

Segment Mix: uCloudlink 1.0 accounted for 56.2% of DATs in Q1 2025, while uCloudlink 2.0 made up 43.8% of DATs in the first quarter of 2025.

Adjusted Net Income: Adjusted net income loss of $0.4 million in the first quarter of 2025, compared to $1.3 million in the same period of 2024.

Adjusted EBITDA: Adjusted EBITDA was $1.4 million in the first quarter of 2025, compared to $1.7 million in the same period of 2024.

Operating Cash Flow: Operating cash inflow was $0.2 million in the first quarter of 2025, compared to $1.9 million in the same period of 2024.

Cash Position: $31.1 million in cash and equivalents (GAAP) as of March 31, 2025, up from $30.1 million at year-end.

Capex: Capital expenditures were $0.3 million in the first quarter of 2025, compared to $0.6 million in the same period of 2024.

Product Launches: Four new solutions spanning IoT, SIM, pet connectivity, and mobile fixed broadband were showcased and planned for commercial launch in May–June 2025, with scaled production to commence in the third quarter.

AI Integration: AI is being embedded in multiple products to enhance operational efficiency and user experience.

Guidance: Revenue guidance for the second quarter of 2025 is $23 million–$25 million, representing an increase of 2.7% to 11.6% compared to the same period in 2024.

Partner Engagement: Advanced commercial discussions are underway with multiple major operators worldwide; several partnerships are expected to close within months.

Transparency Commitment: Management announced intent to begin regular disclosure of segmented user account numbers starting in the third quarter.

Regulatory Milestone: Subsidiary was approved by China MII for pilot operations of value-added telecommunications services, joining a select first batch alongside major multinationals.

SUMMARY

Management emphasized that all four business lines -- IoT, SIM, pet connectivity, and mobile fixed broadband -- will be commercially available in the coming quarter, potentially broadening revenue sources and customer base. The company highlighted strong early market validation and growth rates in its IoT, SIM, and live solutions, including a projected active terminal growth rate exceeding 100% for new business lines in Q2 FY2025.

Strategic focus included leveraging proprietary hyperconnectivity and AI technologies, as well as targeting operational efficiencies. Geographic revenue shifts showed China increasing to 31.2% of the mix, offset by a lower share from North America in Q1 2025. For the first quarter of 2025, capital expenditures were $0.3 million, compared to $0.6 million in the same period of 2024. Management positioned the forthcoming user and engagement metrics as key markers of ongoing business transformation and expansion.

Chief Executive Officer Chen said, "Year 2025 marks our transformation year during which our business expanded from a single line protocol to four protocols."

Product launches at MWC 2025 and MVNO World Congress drew "widespread recognition as game-changing innovations," with management citing imminent commercial deals as a result.

Management expects a steady 10% growth rate for its global mobile fixed broadband business beginning in Q3 2025.

Management described PetPhone as "receiving exceptional market validation in the pet care market, indicating that it will attract more users in the future" and is channeling sales through pet retail, mobile operators, and electronics distributors.

INDUSTRY GLOSSARY

DATs (Daily Active Terminals): The average daily count of devices actively using the company’s data services; key operational performance metric.

uCloudlink 1.0/2.0: Business models with 1.0 focused on international data (primarily cross-border travelers) and 2.0 on local connectivity for domestic users.

Cloud SIM: A technology enabling dynamic allocation of SIM resources over the cloud, providing seamless multi-network connectivity without physical SIM changes.

MVNO (Mobile Virtual Network Operator): A wireless communications provider that does not own network infrastructure but leases capacity from traditional operators.

GlocalMe: The company’s brand for global portable WiFi devices and connectivity solutions integrating cloud SIM architecture.

China MII: China’s Ministry of Industry and Information Technology, the body regulating telecommunications licensing and value-added services.

Full Conference Call Transcript

Mr. Chen will begin with an overview of our recent business highlights. Mr. Shi will then discuss our financial and operational highlights for the quarter. They will all be available to take your questions in the Q&A section that follows. Before we proceed, please note that this call may contain forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or expectations implied by these forward-looking statements.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements, risk factors, and details of the company's filings with the SEC. The company does not assume any obligation to revise or update any forward-looking statements as a result of new information, future events, changes in market conditions, or otherwise, except as required by law. Please also note that uCloudlink's earnings press release and this conference call include discussions of unaudited GAAP financial information and unaudited non-GAAP financial measures. uCloudlink's press release contains a reconciliation of the unaudited non-GAAP measures to the most directly comparable audited GAAP measures. I will now turn the call over to Mr. Chen. Please go ahead.

Chaohui Chen: Thank you, Daniel, and good morning or evening, everyone. We kick off 2025 with a solid performance as our expanding global ecosystem continues to gain traction and build momentum. Total revenues during the quarter were $18.7 million, in line with the guidance, representing an increase of 3.4% year-over-year. Despite significant and increased investments in new product marketing and sales initiatives, we maintained a strong financial position, delivering adjusted net income of $0.4 million and a positive operating cash flow of $0.2 million. Our 1.0 international data connectivity services business continued its robust growth, with full-speed 5G network coverage now available in 90 countries and regions.

This expansion further strengthened our market share and reinforced our leading position in the long-term market. A notable highlight this quarter was the showcasing of our newest innovative solutions for people, IoT, pets, and MWC Barcelona 2025, including the Eastern Trail, Cloud SIM Kit, PetPhone, New Go G50 Mask, and the G40 Pro. These new and exciting technologies have been integrated into our broader series of GlocalMe and GlocalMe Insight solutions, driving growth and increasing visibility and interest among consumers, global operators, enterprise customers, and business partners. With this strong tailwind starting from the second quarter of this year, our emerging business non-local meeting GlocalMe IoT are all projected to achieve active terminal growth.

Active terminal growth rate is exceeding 100%, significantly contributing to our expansion and growth going forward as we build our global market data traffic sharing marketplace. Also, we expect that our global mobile fixed broadband business will steadily grow by approximately 10% starting in the third quarter of 2025. We will begin regular disclosure of our key metrics, including user account numbers segmented by business lines, to provide greater transparency and allow investors to carefully track our progress in user growth. Following our MWC showcase, we are already capitalizing on high-value opportunities by engaging in advanced commercial discussions with multiple major operators worldwide, with several partnerships expected to be finalized in the coming months.

At the recent MVNO World Congress 2025, the premier exhibition for the MVNO industry, our four latest solutions were unveiled, generating widespread recognition as game-changing innovations. These solutions are scheduled for commercial launch in May and June 2025, with scaled production expected to begin in the third quarter. In parallel, we have begun deploying AI intelligence to enhance operational efficiency and embedding it into a number of our solutions to improve the user experience and ensure seamless global connectivity. Alongside AI, our proprietary hyperconnectivity positioning technologies continue to break barriers in connectivity, revolutionizing the digital experience for IoT, people, and pets worldwide.

At CES 2025, our UniCore was honored with the Best of CES 2025 Breakthrough Award by Android, underscoring our commitment to innovation. Additionally, one of our subsidiaries hit a significant milestone as one of the first batch of 13 fully invested companies to receive approval from China MII for pilot operations of value-added telecommunication services. Our inclusion in the first batch alongside renowned multinational corporations such as Deutsche Telekom, Siemens, Airbus, and HSBC reflects the growing impact we are having in the sector. This will enable us to provide Chinese consumers with a more diversified range of value-added telecom services and solutions to better meet growing digital lifestyle needs.

This marks a significant step in expanding our global footprint and delivering cutting-edge connectivity solutions. I will now review highlights for each of our key performance areas. I will start with GlocalMe, where we just unveiled our first pet connectivity solution at MWC 2025. PetPhone is a revolutionary addition to the digital ecosystem, offering fun AI pet interaction, GPS for safety, and AI smart guardian health monitoring. PetPhone is receiving exceptional market validation in the pet care market, indicating that it will attract more users in the future. It enables pet owners to communicate with their pets via the GlocalMe app, allowing them to call, send voice messages, play music, and even set routines like feeding times and play reminders.

Pets can even initiate calls. This device tracks exercise, running distance, calorie burning, and activity levels, fostering a healthy lifestyle for pets. Pet owners can also join and create communities globally to engage with others like never before. This innovative, groundbreaking device redefines the bond between pets and their owners and will enhance MVNO mobile network operator subscriber acquisition and revenue growth going forward. Alongside PetPhone, our UniCore Plus solutions provide additional secure and reliable connectivity for daily life, freeing users from cumbersome devices via seamless and convenient experiences. Turning to the GlocalMe IoT business, we introduced the Cloud SIM Kit, an all-in-one game-changing IoT solution.

This revolutionary plug-and-play IoT solution was designed to deliver instant global full-speed 4G and 5G connectivity for IoT and smart devices. This innovative solution can be seamlessly integrated into existing devices with the same SIM slot, such as smartphones, CPE, and other IoT-enabled hardware. It is cost-effective, enterprise-grade, and offers superior network quality, ensuring the best coverage without the need for any hardware or software modifications. The plug-and-play nature of our Cloud SIM technologies transforms ordinary devices into enhanced connected assets. It offers a globally scalable asset with flexible carrier switching and competitive economics, empowering the IoT ecosystem with seamless and reliable connectivity.

We have already achieved significant penetration in the automotive infotainment and camera markets, especially among mainstream Chinese vehicle brands, which are advancing breakthroughs in specialized segments like security and dashboard cameras. Daily active IoT terminals increased twelvefold year-over-year in 2025 Q1, with positive user feedback. Our GlocalMe SIM business just unveiled another game-changing revolutionary leap in SIM technology, the eSIM Chip. Positioned as the best second SIM you can have, it enhances both domestic and international coverage by providing consumers with a single SIM solution for seamless local and global connectivity.

It addresses core challenges faced by MVNO and mobile network operators, such as poor network performance and limited international roaming, and empowers tier-two and tier-three operators and MVNOs unable to build independent networks widely to deliver superior services and expand their market reach. The eSIM Chip offers enterprise-grade security, global coverage, and better pricing, eliminating costly international roaming and delivering reliable high-speed connectivity across multiple networks. Lastly, our people-centric GlocalMe mobile fixed broadband business just unveiled the new Go G50 Smart, a hyperconnectivity 5G mobile WiFi hotspot with AI-driven smart sky-to-ground connectivity. This device enhances network quality through AI-powered real-time congestion detection, ensuring seamless connection regardless of where you are.

Our advanced hyperconnectivity technologies deliver high-speed connections and reliable networks wherever users go, without the limitations of traditional roaming or carrier restrictions. The upgraded G40 model is supposed to be three times faster than traditional 4G devices. It's the world's first enabled in-flight WiFi connectivity, integrating WiFi networks across various environments such as homes, airports, offices, and cafes. All four business lines are now market-ready and will be commercially available in Q2 2025, attracting strong interest from partners, including global pet store chains, signaling significant market expansion potential as we engage in commercial discussions.

As we innovate business lines and increasingly diversify our revenue streams to a mix of value-added services and mobile data traffic solutions that fit into our marketplace, our user base is gradually diversifying and scaling up. With our expanding product portfolio, deepening partnerships, and AI integration, we are confident in driving growth through the remainder of the year. As we mature, regular disclosures of key metrics later, which will begin in 2025 Q3, we will better reflect the direction our business is heading and provide investors with a clear understanding of the strategic progress we are making in building a comprehensive global mobile data traffic sharing marketplace.

Year 2025 marks our transformation year during which our business expanded from a single line protocol to four protocols, and the user figures to be released in Q3 will be crucial indicators of this transformation. With the optimization for the future in mind, I will conclude with our guidance for the next quarter. For the second quarter of 2025, we expect total revenue to be between $23 million to $25 million, representing an increase of 2.7% to 11.6% compared to the same period of 2024. I will now turn the call over to Mr. Shi.

Yimeng Shi: Thank you, Mr. Chen. Hello, everyone. We will go over our operational and financial highlights for the first quarter of 2025. Average daily active terminals (DATs) is an important operating metric for us as it measures customer usage trends over the period and is reflective of our business performance. In the first quarter of 2025, average DATs were 308,863, of which 17,803 were owned by the company, and 291,060 were owned by our business partners, representing a decrease of 0.3% from the 309,906 in the first quarter of 2024.

The average daily active terminals in the first quarter came from 296,597 from the global mobile and fixed broadband business, 621 from the live business, 5,219 from the GlocalMe SIM business, and 6,426 from the GlocalMe IoT business, compared to 308,375, 201, 829, and 501, respectively, in the first quarter of 2024. During the first quarter of 2025, 56.2% of the DATs were from uCloudlink 1.0 international data connectivity service, and 43.8% were attributed to uCloudlink 2.0 local data connectivity service. In March 2025, the average daily data usage per terminal was 1.59 gigabytes. As of March 31, 2025, the company had served 2,878 business partners in 63 countries and regions.

The company had 183 patent applications, with 169 approved and 14 pending approval. The number of approved SIM cards was 391,000 globally as of March 31, 2025. Total revenue for the first quarter of 2025 was $18.6 million, representing an increase of 3.4% from $18.1 million in the same period of 2024. Revenue from services in the first quarter of 2025 was $14.2 million, representing an increase of 4.9% from $13.5 million in the same period of 2024. Revenue from services as a percentage of total revenue was 75.7% during the first quarter of 2025, slightly up from 74.7% during the same period last year.

Geographically speaking, during the first quarter of 2025, Japan contributed 40.4% of our total revenue, China contributed 31.2%, North America contributed 12.9%, and other regions and countries contributed the remaining 15.5%, compared to 40.9%, 25.3%, 15.8%, and 17%, respectively, in the first quarter of 2024. Overall gross profit was $9.7 million in the first quarter of 2025, representing a decrease of 3.1% from $10 million in the first quarter of 2024. Overall gross margin in the first quarter of 2025 was 51.7% compared to 55.2% in the same period of 2024. The gross margin on services was 57.3% in the first quarter of 2025, compared to 65% in the same period of 2024.

The gross margin on the sale of products was 34.3% in the first quarter of 2025, compared to 26.2% in the same period of 2024. Excluding share-based compensation, total operating expenses were $9.9 million or 53% of total revenue in the first quarter of 2025, compared to $8.5 million or 47% of total revenue in the same period in 2024. We recorded an adjusted net income loss of $0.4 million, compared to $1.3 million in the first quarter of 2024. Adjusted EBITDA was $1.4 million in the first quarter of 2025, compared to $1.7 million in the same period of 2024.

For the first quarter of 2025, we achieved an operating cash inflow of $0.2 million, compared to $1.9 million in the same period of 2024. For the first quarter of 2025, our capital expenditures were $0.3 million compared to $0.6 million in the same period of 2024. We maintained a solid balance sheet with cash and cash equivalents of $31.1 million as of March 31, 2025, up from $30.1 million as of December 31, 2024. With that, operator, please open up for Q&A.

Operator: Thank you. We will now begin the question-and-answer session. Today's first question comes from Theodore O'Neill with Litchfield Hills Research. Please go ahead.

Theodore O'Neill: Thank you, and congratulations on the results for the quarter and your outlook. My first question is about the PetPhone product. Can you give us any highlights into the regions or the demographics of the customers you expect will be the most likely to be early adopters of this product?

Chaohui Chen: Yes. I think we were long in about a launch execution. We first launched the PetPhone in this industry, so it caused a lot of interest. Since we will launch this product at the end of May for commercial launch, we have many products. There are three main types of users. The first one is via the channel, via channel or a part of the channel, like a pet channel. So we approach a lot of pet channels, like in Europe, in Asia, and also in the US, like a charity. So we are already in commercial progress. So it's quite encouraging, and I think we will be closed recently, so in Q2. That's the first channel.

The second channel is via carrier, via mobile virtual operator or virtual operator. So, we help them to promote the eSIM or SIM card into our PetPhone and help the carrier to acquire pet users. So it can create new revenue for carriers, not only just from traditional people IoT, now it's expanding to pet users. So we already have several carriers near finalizing the contract with us to share our PetPhone product. The third is our traditional electronic channel. So they are also interested in selling our product. So I think so far, everything's progress and testing is so good. Now waiting for our commercial version available at the end of this month.

Theodore O'Neill: Oh, that's very helpful. My second question is about the tariffs that are being raised and lowered. I'm wondering if changes in all these tariffs are having any impact on your business?

Yimeng Shi: So the question regarding the tariffs, so far, we don't have implications by these tariff barriers between the US and China. We have stock products in the US as a channel, so that's available for our sale for a while. And also, we have other sources to manufacture in other areas. We recruited manufacturers outsourcing other manufacturers' terminal devices in Taiwan and other countries where we have lower tariffs between the US and these countries. So we expect that the US market is a growing market for our new business lines like PetPhone and IoT solutions. So we prepare these solutions and have plans to manufacture our products to overcome these tariff barriers between the US and China.

Theodore O'Neill: Okay. Thank you very much. That completes my questions.

Operator: Thank you. And our next question today comes from Vivian Zhang with Diamond Equity Research. Please go ahead.

Vivian Zhang: Hello. Thank you so much. Firstly, can you explain in detail the reason for the increase in the cost of services and whether you would take any measures to control this cost extension?

Yimeng Shi: Yes. You have two relevant points. One is regarding the cost of service that's reflecting, as we discussed, the service cost margins are a little bit lower than the same period last year. This is because the mixtures are set of different sales categories across regions and countries. For instance, in the first quarter of this year, our outbound roaming service for our Chinese outbound travelers increased significantly. And these Chinese outbound travelers rent our terminals, WiFi hotspot terminals, for their roaming connections traveling outbound. So in that case, there's revenue or service generated by the Chinese outbound traveler, which has a significant weight in overall service.

So that's something impacting our overall service margins a little bit lower than the same period last year. This is to answer your first question regarding the service. And the second is regarding the expenditures related to the expansion of banners. Yes. As we disclosed, in the first quarter of this year, we spent more expenditure than the first quarter of last year. The extra expenditures are on sales and marketing for this new business. So we attended quite a lot of market exhibitions worldwide. And we invested over more than $1 million compared to last year on this marketing and promotions. We believe this expenditure on marketing will bring more volumes of the business in future periods.

So I think that's the revenues related to the new business line will come into account later this year or next year. And one other metric, as we disclosed, is daily active terminals related to these three new business lines. Especially for IoT, daily active terminals increased twelvefold compared to last year's same period. So this year, we expect the three new business lines, IoT, SIM, and the live series, their daily active terminals number will increase over one year compared with last year. So we are on the right track to deploy our strategies from one business line MBB expansion to four business lines to grow. We believe that we follow the right strategies to support growth.

Vivian Zhang: Okay. I see. That makes sense. My next question is about the partnership you mentioned. Can you please share some information on the areas of collaboration you expect to see in the coming months?

Chaohui Chen: In the last question, I already mentioned some partners. In the past, our partnership was more like international data and local mobile broadband, with more partners in the airport and MVNO. Since we have three new product lines, our partners have become more diverse. For example, first is our carrier customers switching to our product line. For example, our mobile virtual operator and tier-two, tier-three carrier operators are now very interested in our SIM Kit and SIM Trial. They see this as a pilot protection product because we bring international roaming to mobile virtual operators. This never happened in the industry for mobile virtual operators. First. And second, we have tier-two, tier-three carriers, including their long-term power and service quality.

Normally, compared with tier-one carriers, tier-two, tier-three carriers have lower quality and network partners. Now, working with us, they can be superior to the number one carrier for the quality of roaming. And also, we can help the carrier and tier-two and mobile virtual operators compromise their network coverage locally. So normally, they have few investments in the base station. They have poor coverage. With our solution, now under their coverage, they can use their original SIM card. Outside their coverage, they can use our SIM card and data traffic. So that's quite helpful to improve our quality for roaming and create new revenue. That's for our SIM Kit and SIM Trial.

But our new product for PetPhone is very popular, no matter if it's tier-one or tier-two carriers or MVNO carriers. They all like this solution because we create new revenue for these partners. So that's the first product in the industry. Carrier-promoted products are much faster than traditional other channels. So they can, for example, buy data and keep a free device. We help them to develop that to gain new users from the pet market. Also, our UniCore and live series products can enhance customer loyalty and manage customer retention to become more loyal.

So we help the customer to get more revenue from retention and from the combination of the original SIM card and our live product with a bundled package. This means that last year, we had very few carrier partners. And now, since the MWC and last week's MVNO World Congress, we have gained a lot of interest. So recently, I think we will close some deals with these carriers. You can wait for our IR in the coming months. Finally, we also invest in our traditional mobile broadband product. Our traditional product is mainly used for travel, for people traveling outside.

But now our new product has one device, one account, to let our users, not only for travel but also at home, at the office, even in-flight. They don't need to switch the account and the device. Just one device, one account, they can enjoy the best network quality worldwide and the best connection. Also, they can get the most cost-effective solution. For example, at home and office, we prefer to use free WiFi, office WiFi, or home WiFi. But once the WiFi coverage is poor, we can back up with the 4G and 5G network. That means we can provide the best connection and cost-effectiveness in the world with one device and one account.

So here, also, small enterprise users and travel users are interested in working with us. So I just shared this information about the new partners and new channels working with us.

Vivian Zhang: Okay. Got it. That's very helpful. Thank you. That's all my questions.

Yimeng Shi: Thank you.

Operator: This concludes the question and answer session. I would like to turn the conference back over to Daniel Gao for any closing remarks.

Daniel Gao: Thank you once again for joining us today. If you have further questions, please feel free to contact uCloudlink's Investor Relations through the contact information provided on our website or speak to our investor relations firm. We look forward to speaking to you again on our next quarterly call. Thank you.

Operator: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

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